The law aims to improve the transparency of foreign investment policies and ensure domestic and foreign enterprises are subject to a unified set of rules and compete on a level playing field, according to an explanatory document.

"The newly-adopted legislation is a fundamental law in lifting China toward a new stage of high-level opening up in the new era," said top legislator Li Zhanshu when addressing the meeting Friday.

He called for in-depth study and thorough implementation of the law to promote high-quality economic development.

Legislators also approved resolutions on the government work report, and the work reports of the NPC Standing Committee, the Supreme People's Court and the Supreme People's Procuratorate.

In addition, the legislators passed resolutions on the reports of the national economic and social development plans as well as the central and local budgets, and approved the resignation of NPC Standing Committee member Zhang Rongshun. READ MORE: Challenges seen as China's legislature starts annual session

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